CapGrid Secures ₹50 Cr Funding To Deepen Its Manufacturing Play

Delhi NCR-based B2B manufacturing startup CapGrid has raised ₹50 Cr (about $5.2 Mn) in a Pre-Series B round to develop higher-end precision components and expand into sectors such as drone manufacturing and data centres.

The funding round values CapGrid at ₹430 Cr (about $45.3 Mn), cofounder and CEO Dheeraj Tiwari told Inc42. Led by Hero Enterprise Venture Partners, the investment arm of Sunil Munjal-led Hero Enterprise, it included primary and secondary transactions, with participation from Axilor Ventures, Anicut Capital, Nexus Venture Partners, and angels.

Part of the primary proceeds will fund R&D into higher-end engineered precision components, while the remainder will support business growth, Tiwari said. CapGrid previously raised $5 Mn in an extended Series A round led by Anicut Growth Fund.

Matching Suppliers With Orders

Founded in 2021 by Tiwari and Himanshu Raghuvanshi, CapGrid serves original equipment manufacturers (OEMs) and Tier I suppliers across automotive, consumer durables, and heavy industries.

It owns no factories. Instead, its cloud manufacturing platform coordinates component design, development, production, and delivery through third-party manufacturers. CapGrid says it uses AI and ML to match orders with suppliers and track production schedules and quality requirements.

According to the startup, its supplier partners operate at around 60% capacity. CapGrid pools orders from different OEMs to put that spare capacity to use.

Its supply chain control tower tracks sourcing, procurement, production, and deliveries, while 14 fulfilment centres across India’s major OEM clusters manage inventory and component deliveries to assembly lines.

CapGrid also offers new product development, import localisation, and value engineering, helping customers develop parts, replace imports, and improve component designs and sourcing costs.

Moving Beyond Automotive

CapGrid initially focused on automotive, tapping manufacturers’ need to source components and manage suppliers. India’s auto component industry recorded turnover of ₹7.59 Lakh Cr in FY26, up 12.7%, according to ACMA. Supplies to OEMs increased 16.3% to ₹6.52 Lakh Cr.

Having expanded beyond automotive, CapGrid now plans to enter drone manufacturing and data centres.

Tiwari said operating revenue grew around 14% to ₹240 Cr in FY26, with ₹350 Cr targeted for FY27. Its annualised revenue run rate has risen from around ₹300 Cr six months ago to ₹360-370 Cr, with ₹500 Cr the next target.

Inc42 Take: Can CapGrid Move Up The Manufacturing Value Chain?

CapGrid’s next bet is to move beyond consolidating component procurement into higher-end engineered parts. Its existing OEM relationships and supplier network give it a base to build on, but spare factory capacity alone will not establish an advantage in more complex manufacturing. It will depend on the engineering expertise CapGrid brings to component development and production.

The commercial question is whether this shift can improve the economics of its business. Operating revenue grew around 14% in FY26, while its FY27 target implies substantially faster growth. Entering drones and data centres could widen its customer base, but without margin and working-capital disclosures, it remains unclear whether more complex orders will translate into better returns.

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